Semaglutide Is Estimated To Witness High Growth Owing To Opportunity Of Improving Treatment Of Obesity And Diabetes.

Semaglutide Market

Semaglutide is an analogue of the human glucagon-like peptide-1 (GLP-1) hormone used primarily for the treatment of diabetes and obesity. Semaglutide works by stimulating the release of insulin from the pancreas in a glucose-dependent manner and suppressing glucagon secretion. It also results in reduced appetite and food cravings by acting on the central nervous system.

The global semaglutide market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:

The rising prevalence of obesity and diabetes across the globe presents a major market opportunity for semaglutide. As per World Health Organization (WHO), the global prevalence of obesity has nearly tripled since 1975 and around 13% of adults are obese. Besides, obesity can also give rise to other health issues such as type 2 diabetes, cardiovascular diseases and certain cancers. Semaglutide's dual benefits of controlling blood glucose levels and inducing weight loss position it as an effective treatment option for reducing medical and healthcare burden of obesity and diabetes. Its ability to improve glycemic control and provide cardiovascular risk reduction without hypoglycemia or weight gain compared to other GLP-1 analogue drugs is expected to drive its adoption during the forecast period.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as semaglutide drug development requires high R&D investment and clinical trials. Brand positioning and recognition are important barriers for new players.

Bargaining power of buyers: The bargaining power of buyers is moderate as key players have established brands and offers variety of treatment alternatives for weight management and diabetes. Switching costs are relatively low.

Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative suppliers and raw material suppliers. Suppliers differentiate their offerings through innovation and quality.

Threat of new substitutes: Threat of substitutes is high due to availability of alternative drug classes or treatment options like GLP1 receptor agonists, DPP4 inhibitors etc for diabetes treatment. Price sensitivity is moderate.

Competitive rivalry: Competition is high among major players due to established brands, marketing strategies and geographic presence. Players focus on new drug delivery, pricing and partnerships for growth.

SWOT Analysis

Strengths: Well established brands, strong R&D capabilities, varied product portfolio and patents on new drugs.

Weaknesses: High marketing costs, price erosion, dependency on few therapeutic areas and stringent regulations.

Opportunities: Emerging markets growth, new drug approvals, adherence to chronic therapies, favorable reimbursement policies.

Threats: Patent cliffs, biosimilars competition, economic slowdowns, supply chain disruptions and global trade barriers.

Key Takeaways

The Global Semaglutide Market Share is expected to witness high growth during the forecast period of 2023-2030, propelled by new drug approvals and rising diabetes prevalence. The global Semaglutide Market is estimated to be valued at US$ 15.8 Bn in 2023 and is expected to exhibit a CAGR of 3.6% over the forecast period 2023 to 2030.

North America currently dominates the market due to conducive reimbursement policies and awareness. Europe is another major market driven by supportive healthcare infrastructure and initiatives to curb disease burden. Asia Pacific is anticipated to be the fastest growing region during the forecast period attributed to large patient pool, increasing healthcare spending and economic developments in major countries like China and India.

Key players: Key players operating in the semaglutide market are Haitian International Holdings Limited (China), Chen Hsong Holdings Ltd. (China), Engel Austria GmbH (Austria), Sumitomo Heavy Industries Limited (Japan), Hillenbrand, Inc. (U.S.). Players focus on new formulations, partnerships and geographic expansions for sustained growth.

Explore more information on this topic, Please visit @ https://www.dailyprbulletin.com/increasing-obesity-rate-and-adoption-of-digital-health-platforms-growth